The Associated Press July 15, 2010, 8:26AM ET

Movie chain AMC Entertainment plans $450M IPO

Movie theater chain AMC Entertainment Holdings Inc. hopes to raise up to $450 million in its third attempt at an initial public offering, the company said Wednesday.

The movie chain is registering for an IPO as new 3-D and digital formats are helping boost box office revenue.

AMC first listed for an IPO in December 2006, hoping to raise $750 million. In May 2007, the company but withdrew the plan, citing weak market conditions.

It tried to come to market again in September 2007 after a strong summer at the box office but withdrew that deal in October 2008 as the financial crisis put a damper on initial public offerings.

Founded in 1920, AMC has interests in 380 theaters with 5,325 screens in the U.S. and Canada, according to a filing with the Securities and Exchange Commission. It says it is the largest exhibitor of IMAX movies in the world. It also has 516 3-D screens. AMC plans to nearly triple its digital screen count by the end of fiscal 2012.

AMC plans to use proceeds of the offering to repay $198.3 million in loans, retire $240.8 million of notes and pay a $29.2 million fee to its backers, private equity firms Apollo Management LP, the Carlyle Group, Bain Capital Partners, JPMorgan Partners and Spectrum Equity Investors.

AMC plans to trade under the symbol "AMC" on an unspecified exchange. It did not say when it plans to go public, how many shares it will offer or specify a price for shares.

JPMorgan and Goldman Sachs are managing the IPO.


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